The happy advisors retirement solution Choice Pooled Solutions ℠
POWERED BY TRANSAMERICA AND TAG RESOURCES
WHAT IS IT?
The happy advisors retirement solution Choice Pooled Solutions℠ powered by Transamerica and TAG Resources revolutionizes retirement planning in the industry, providing a comprehensive array of pooled solution that gives clients various options. Whatever size business you have, The happy advisors retirement solution Choice Pooled Solutions℠ offers plans tailored to uniquely meet your needs while providing competitive pricing that generally goes hand-in-hand with large-scale setups.
The happy advisors retirement solution Choice Pooled Solutions℠ product is unique because it consists of two plan configurations: Retirement Plan Exchange® and Choice Pooled Employer Plan℠.
The flexibility to meet your needs
The happy advisors retirement solution Choice Pooled Solutions℠ product is unique because it consists of two plan configurations: Retirement Plan Exchange® and Choice Pooled Employer Plan℠.
FLIP ME
RETIREMENT PLAN EXCHANGE®
RETIREMENT PLAN EXCHANGE®
- Individual plan sponsors choose from a menu of cost-effective options to build a retirement plan
- TAG prepares, signs, and files the 5500 on behalf of the company
- Typically, best suited for smaller businesses and organizations
FLIP ME
CHOICE POOLED EMPLOYER PLAN℠
CHOICE POOLED EMPLOYER PLAN℠
- Treats multiple plans as one large plan
- Sponsored by a Pooled Plan Provider (PPP)
- PPP handles administration and oversight
- Files one combined Form 5500 for the PEP
- Large plans benefit from reduced audit costs
- [Your choice of 3(38) investment managers]
The The happy advisors retirement solution Choice Pooled Solutions℠ takes on over 90% of clients Administrative Responsibilities
Responsibilities
- [3(38) Investment manager
- appointment]
- 402(g) Limit reporting
- 404(a)(5) Notice distribution
- 404(c) Notice distribution
- 408(b)(2) Notice distribution
- Annual discrimination and
- Coverage testing
- Annual fee negotiations
- With vendors
- Audit completion support
- Audit firm hiring and
- Monitoring
- Auto enrollment notice
- Distribution
- Beneficiary designation
- Form maintenance
- Beneficiary determinations
- Blackout notice
- Distribution
- Census review
- Corrective distributions
- Death benefit approval
- Distribution reporting
- DOL and IRS issue
- Resolution assistance
- Eligibility calculations
- Eligibility notifications
- Employer contribution monitoring
- ERISA bond review
- Error correction monitoring
- Fiduciary insurance
- Coverage review
- Force out processing
- Form 5330 preparation
- Form 5500 preparation,
- Signing, and filing
- Form 8955 preparation,
- Signing, and filing
- Fund change notice distribution
- Hardship withdrawal approval
- Loan approval and reporting
- Loan default monitoring
- Loan policy administration
- Lost earnings calculations
- Participant enrollment assistance
- Payroll aggregation
- Payroll file aggregation
- Plan design review
- Plan design review
- Plan document interpretation
- Plan document preparation
- and archiving
- Plan irregularity notification
- QDIA notice distribution
- QDRO determinations and
- reporting
- Quarterly investment
- Review meetings
- Rate change monitoring
- And reporting
- Required minimum distributions
- Safe harbor notice distribution
- SAR production and distribution
- SMM notice distribution
- SPD production and distribution
- Spousal consent approvals
- Termination date verification
- And maintenance
- Termination withdrawal approval
- Trustee duties
- Review and submit payroll files
- Vesting verification and tracking
- Year-end data collection and review
- Year-End Data Collection
- Upload Payroll Files
- Monitor Service Providers
The happy advisors retirement solution TAKES ON OVER
OF FIDUCIARY RESPONSIBILITIES
An employer who sponsors a retirement plan for their employees has overriding fiduciary responsibility for the plan. This solution allows the employer to outsource that responsibility to the highest degree.
LET US MAKE YOUR JOB EASIER
Improve accuracy, save time and effort
SIMPLIFIED PAYROLL AND RECORDKEEPING
PayStart provides a service for qualifying clients that allows contribution data to be sent directly from the payroll vendor to Transamerica, eliminating the need for the plan sponsor to create and manipulate a separate file. This can help your organization:
SAVE TIME
Transfer of participant compensation, contribution, and other data to Transamerica happens automatically and securely
REDUCE COSTS
Payroll uploads and deferral changes are no longer timeconsuming tasks, allowing for more efficiency
IMPROVE ACCURACY
Automated integration reduces opportunities for compliance issues and can save your staff time from dealing with errors
ENHANCE PRODUCTIVITY
With automation, staff can recover their time and focus on other important matters
THE BEDROCK REPORTING SYSTEM™
TAG RESOURCES PROPRIETARY SOFTWARE
With data gathered from contribution files from the plan sponsor and recordkeeper, TAG can match employees with specifics provided in the plan document to determine eligibility and verify participant information. In addition, the system captures rate changes, new loans, and hardship withdrawals and monitors contributions and distributions to ensure compliance with plan documents and [401(k)/403(b)] limits. Every step in the process is time-stamped, so the complete data cycle is monitored. The system allows TAG to monitor operational health and catch minor errors before exposing the plan to compliance violations.
The bottom line:
Employers can focus on their business rather than running a retirement planADVANTAGES & CORE BENEFITS
The Advantages of The The happy advisors retirement solution Choice Pooled Solutions ℠
Compliant
Employers don’t want fines or penalties. TAG Resources' processes are developed to administer plans to be DOL and IRS compliant.
Well Known Providers
Employers want to work with industry leaders. The The happy advisors retirement solution combines industry-leading professional service providers for “end-to-end” retirement plan oversight, including robust tools and resources for employees.
Make It Simple
Employers don’t want to be 401(k)/403(b) experts. TAG Resources oversees plan set-up, implementation, monitoring, enrollment, and other duties.
Fiduciary Protection
Employers don’t want to be at risk. By shifting administrative and certain named fiduciary duties to [TPA], employers can mitigate the most defined legal obligations and responsibilities.
Cost Effective
Employers don’t want to overpay. The [Program Name] is built on a pooled pricing model and often costs less than other programs offering fewer comprehensive services.
MEET THE TEAM
The happy advisors retirement solution
RECORDKEEPER
TRANSAMERICA
PLAN ADMINISTRATOR TYPE 3(16) & 402(A)
TAG RESOURCES
PPP
Smart Retire
DRIVING PARTICIPANT SUCCESS
PARTICIPANT EXPERIENCE
Transamerica equips participants with a comprehensive retirement experience that grants insights into their financial future. Powered by Morningstar’s sophisticated methodology, the Your Retirement Outlook® app simplifies complex investments and guides participants toward achieving their personalized income goals in retirement. Using simple weather icons, the app shows participants if their current investment strategy is likely to produce the income they’re seeking in retirement.
Years of pooled plan experience
As of December 31, 2022
Plan Sponsors
Adopting employers
At any time, employers are easily integrated, enrolled, and tracked in the Transamerica platform.
Let Us Tell You More. Contact Us Now.
TRANSAMERICA PYRAMID LOGO, RETIREMENT PLAN EXCHANGE, and YOUR RETIREMENT OUTLOOK are all service marks of Transamerica Corporation. Securities offered through Transamerica Investors Securities Corporation (TISC), member FINRA, 440 Mamaroneck Avenue, Harrison, NY 10528. TAG Resources, Inc., is a wholly owned subsidiary of Transamerica, but there are no other affiliations between the two and any other organization referenced.
Important: The projections or other information generated by the engine (which produces Your Retirement Outlook®) regarding the likelihood of various investment outcomes are hypothetical, do not reflect actual investment results, and are not guarantees of future results. Results derived from the tool may vary with each use and over time.
The Choice Pooled Solution℠ is not a traditional multiple employer plan (MEP). Unlike a traditional MEP, certain plan qualification and ERISA requirements are applied at the individual plan/participating employer level. Pooled employer plans (PEPs) are a new type of multiple employer plan for which the Department of Labor (DOL) and IRS guidance is still pending in a number of areas. An employer participating in the plan retains certain fiduciary responsibilities, including responsibility for selecting and monitoring the 3(16) plan administrator as well as the Pooled Plan Provider (PPP), for determining the reasonableness of service providers’ fees, and for periodically reviewing the plan as a whole. Among other responsibilities, the PPP acts as the 3(16) plan fiduciary (or delegates another entity to serve in such capacity). Transamerica does not act as a 3(16) plan fiduciary.
The Retirement Plan Exchange®/Group Plan Solution is not a multiple employer plan (MEP). Unlike a MEP, certain plan qualification and ERISA requirements are applied at the individual plan level. An employer participating in the plan retains certain fiduciary responsibilities, including responsibility for retaining and monitoring the 3(16) plan administrator, for determining the reasonableness of its fees, and for periodically reviewing the plan as a whole. Transamerica does not act as a 3(16) plan fiduciary.
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